Queen Creek’s Town Center Apartments Trades for $33M

Queen Creek, a Southeast Valley Phoenix submarket is growing in popularity for multifamily investors. Town Center Apartments has traded hands for $33.5 million or $190,341 per unit. Geringer Capital purchased the property.

The 176-unit class-A property features an attractive unit mix of one-, two-, and three-bedroom offerings, with an average size of 937 SF. Common amenities include a free-standing property office, a business center/clubhouse, fitness center, pool, spa and shaded playgrounds, as well as barbeques, mature landscaping and both covered and open parking.

ABI Multifamily partner Doug Lazovick, along with senior managing partners Alon Shnitzer and Rue Bax, partner Eddie Chang, and senior managing partner John Kobierowski, represented both parties in the transaction.